1. CI Investments January 30, 2014
Jim Tsiakos, CFP
Vice President

2. Agenda Product update G5/20 2039 Q1 Fund T-Class Review
Review of CI & United current Fee disclosed Platforms

3. Cambridge Canadian Growth Companies Fund to be soft-capped
CI Investments is announcing that Cambridge Canadian Growth Companies Fund will be closed to new investments effective 4 p.m. ET on March 3, Unitholders of the fund may continue to add to their investments after that date, but no new accounts will be established.
Cambridge Canadian Equity Corporate Class, which tends to focus on larger-cap companies in comparison to the growth companies fund but has similar flexibility to invest up to 49% in foreign content.
Cambridge Canadian Dividend Fund, which focuses on dividend-paying Canadian stocks but can invest up to 30% outside of Canada.
Cambridge Pure Canadian Equity Fund, which has an all-cap mandate and a requirement to hold at least 90% Canadian content.

4. Distribution Changes to Three CI Funds

5. New mandates added to PIM

6. Take your clients’ retirement plan off pause and hit play
G5/ Q1 Fund
Take your clients’ retirement plan off pause and hit play
Hello, and welcome to this presentation on CI’s new G5|20 Series.
G5|20 Series is a one-ticket solution for the retirement market that provides guaranteed cash flows, growth potential and protection from market volatility.
My name is XXXX, and on behalf of CI, I want to thank you for taking time to learn about G5|20 Series. It is the first mutual fund of its kind in Canada and part of the CI Guaranteed Retirement Cash Flow Series. G5|20 Series is a fund that addresses key investment risks faced by investors before and during retirement.
John Smith
CI Investments
January 2014
For Advisor Use Only

7. Guaranteed 20 Years Cash Flow 5% Cash Flow 7
G5|20 Series is the first mutual fund of its kind in Canada. After the five-year accumulation phase, G5|20 Series is guaranteed to distribute annual cash flow amounting to 5% of the Guaranteed Asset Value for 20 years while keeping exposure to equities for growth potential. G5|20 Series uses an innovative approach in which advanced risk management and investment strategies are focused on the goal of generating a stable retirement cash flow.
5% Cash Flow 7

8. Why Consider G/520 Retirement risks
Investors preparing for retirement face several risks:
The risk of outliving their money.
The erosion of their buying power caused by inflation.
The opportunity cost of staying out of the market.
Investors preparing for retirement face these risks if they continue to invest in interest-bearing securities:
The risk of outliving their money.
The erosion of their buying power caused by inflation.
The opportunity cost of staying out of the market. 8

9. Retirement risks
Baby boomers don’t have the flexibility to wait out a 15-year cycle.
After major bull markets, markets historically trend sideways for a minimum of 15 years, with significant volatility. Tactical calls and equity exposure are key to investment success.
Markets have been range-bound for 107 of the last 141 years. What we are seeing in this slide is that it takes a minimum of 15 years to take the excess out of the markets. Typically, when market P/Es fall to the single digits, it indicates that the excess has been taken out of the market. It is usually a sign that speculators are exhausted and have left the market and we are set up for the next bull run.
We are only five years out of the market downturn of – if history is any indication, we may be looking at volatile sideways markets for at least another 10 years – not optimal for looking to withdraw from your nest egg. Investors are looking to be insulated, to a degree, from this volatility to ensure that their retirement nest egg takes them through retirement.
Source: Bloomberg 9

10. G5|20 is designed specifically for retirement
Predictable, sustainable, 5% guaranteed cash flows during retirement.
Reduce large negative market fluctuations on the investment before and during retirement.
Preserve capital with the potential for capital appreciation.
Guarantee provided by one of the safest institutions in the world, a major Canadian bank
Optimize performance to provide residual value.
G5|20 is designed specifically for retirement
It provides predictable, sustainable, 5% guaranteed cash flows during retirement.
G5|20 reduces large negative market fluctuations on your client’s investment before and during retirement.
And, it preserves capital with the potential for capital appreciation. 10

11. Designed specifically for retirement
Simplicity of a mutual fund
Growth potential by participating in equity markets during the five-year Accumulation Phase and the Distribution Phase.
Smooth returns and reduced volatility due to hedging strategy.
Ability to lock-in current portfolio values.
As investors prepare for retirement, they will benefit from the skill of CI’s leading portfolio managers, including Signature Global Asset Management, Cambridge Global Asset Management and Harbour Advisors, who have demonstrated an ability to add value in all market conditions.
in addition to growth potential and protection, investors will receive monthly guaranteed distributions equal to 5% per annum of the market value of the investment at the end of the fund’s initial five-year Accumulation Phase or the original investment, whichever is greater. The higher of these values is the Guaranteed Asset Value. In the event of significant positive market performance, and in consultation with the Protection Manager and Guarantor, CI reserves the right to review and increase the Guaranteed Asset Value.
Smooth returns and reduced volatility due to hedging strategy.
Systematic, dynamic hedging strategies designed to reduce volatility are embedded directly in the fund to mitigate the key retirement risks of volatility, longevity and inflation during accumulation and while receiving guaranteed cash flows.
A guarantee provides an extra level of safety as the cash flow stream is guaranteed by one of the safest institutions in the world, a major Canadian bank.
And for all it’s many features it can be administered with the simplicity of a mutual fund.
Clients can lock-in current portfolios values and create a floor by guaranteeing a minimum value for retirement cash flows. 11

12. Available for registered and non-registered assets
For client-held and nominee accounts for both non-registered and registered accounts.
Ideal core holding for registered plans, including RRSPs, RRIFs and TFSAs.
Available for CI Private Investment Management (Class O) and fee-based accounts (Class F), in addition to Class A.
Cash wedge strategies for non-registered accounts.
Tax-efficient cash flows for non-registered accounts (payments are characterized as either return of capital or capital gains).
Guaranteed distributions from a non-registered account do not contribute to clawback of Old Age Security.
G5|20 is available within client-held and nominee accounts for both non-registered and registered accounts. It is an ideal core holding for registered plans including RRSPs, RRIFs and TFSAs as it allows clients to lock in gains now and create a guaranteed floor for their retirement cash flow.
G5|20 is available for CI Private Investment Management in Class O and for fee-based accounts in Class F, in addition to Class A.
The fund provides tax-efficient cash flows for non-registered accounts (payments are characterized as either return of capital or capital gains) and makes the perfect investment for a cash wedge strategy.
In addition, guaranteed distributions from a non-registered account do not contribute to clawback of Old Age Security. 12

13. Product structure
Fund has 25-year lifespan – comprised of an initial five-year growth phase (the Accumulation Phase), followed by a 20-year cash flow phase (the Distribution Phase). Initially, it will have 70% exposure to equities and 30% to income and will be managed as a tactical balanced fund with diversification across Canadian, U.S. and international equity and fixed-income securities.
• Five years of accumulation – actively managed to take full advantage of market opportunities and provide protection from significant market declines. As investors prepare for retirement, they will benefit from the skill of CI’s leading portfolio managers, including Signature Global Asset Management, Cambridge Global Asset Management and Harbour Advisors, who have demonstrated an ability to add value in all market conditions.
• Guaranteed retirement cash flow for 20 years – in addition to growth potential and protection, investors will receive monthly guaranteed distributions equal to 5% per annum of the market value of the investment at the end of the fund’s initial five-year Accumulation Phase or the original investment, whichever is greater. The higher of these values is the Guaranteed Asset Value. In the event of significant positive market performance, and in consultation with the Protection Manager and Guarantor, CI reserves the right to review and increase the Guaranteed Asset Value.
1. Capture potential market gains for higher values and cash flow. If the fund value after five years has grown above the initial investment, the annual guaranteed cash flow distribution will equal 5% of that higher value.
2. Guarantee a 5% cash flow stream. The guaranteed annual cash flow distribution will be equal to 5% of the money initially invested, at a minimum.
3. Protect against a downturn. Even if poor market performance has caused the fund’s value to decline, the investor will still receive guaranteed cash flow distributions equal to 5% per annum of the initial investment. 13

14. The Active Portfolio – designed to optimize growth potential
Four underlying multi-manager, diversified mandates.
CI Investment Consulting actively adjusts overall asset mix.
Flexible investment mandates.
Starting with a 70% equity exposure.
G5|20 Series is a straightforward approach to mitigate retirement risks
G5|20 Series focuses on ensuring the portfolio’s sustainable cash flow distribution levels and mitigating the risk of falling short. This distinguishes it from any traditional mutual fund.
In addition to strategies employed by the portfolio managers to grow asset value, G5|20 Series applies risk management strategies to ensure the fund meets the predefined annual cash flow distribution, by seeking to mitigate market risk in volatile markets while still providing market exposure.
G5|20 Series combines underlying funds managed by CI’s award-winning portfolio managers with a risk management overlay to provide guaranteed cash flows for retirement.
The active portfolio is designed to optimize growth potential
Includes four underlying multi-manager, diversified pools managed by CI’s portfolio managers who have the discretion and opportunities to add value using day-to-day tactical actions through security selection and sector allocation.
CI Investment Consulting actively adjusts the overall asset mix, to benefit from market opportunities by changing allocations to the underlying CI funds, exchange-traded funds and cash equivalents.
Flexible investment mandates that allow portfolio managers to take advantage of all market conditions and harness the growth potential offered by significant equity exposure. 14

15. Asset allocation G5|20 is structured as a mutual fund trust.
Managed like a tactical balanced fund.
Initially, the fund is approximately 70% equity and 30% income.
Select Canadian Equity Managed Corporate Class 25%
Select U.S. Equity Managed Corporate Class 24%
Select International Equity Managed Corporate Class 21%
Mirrors Select Income Managed 30%
Read slide 15

16. The active portfolio is tactical
Global tactical, balanced and optimally allocated at all times, based on
market opportunities, market volatility and investment time horizon
G5|20 Fund
Mutual Fund Trust
Income
- Diversified Income portfolio (mirrors SIM)
Canadian Equity
- Multi-manager Canadian Corporate Class
CI’s award-winning portfolio managers
The CI Investment Consulting team selects funds and their portfolio managers for G5|20 Series based on their investment process, proven ability to add value and “fit” into the overall portfolio diversification strategy. G5|20 Series offers you and your clients the expertise of award-winning managers with proven track records.
Through G5|20 Series, investors benefit from portfolio managers who have won 32 Morningstar Awards over the past 10 years, including Signature Global Asset Management’s Chief Executive Officer Eric Bushell, named Morningstar’s Fund Manager of the Decade in 2010 and Equity Fund Manager of the Year in 2009.
In addition, these managers have won 40 Lipper Fund Awards over the past decade.
The portfolio construction skill of CI Investment Consulting is demonstrated through its management of Portfolio Select Series and Portfolio Series. Portfolio Select Series won the Morningstar Award for Best Fund of Funds program in 2013, and Portfolio Series won that category in 2011 and 2012.
Based on the initial 70% equity allocation of G5|20, its asset mix is similar to that of Portfolio Select Series’ Select 30i70e Managed portfolio. Select 30i70e’s Class A Corporate Class had one-year, three-year and five-year returns of 20.4%, 8.8% and 10.4%, respectively, as of November 30, <Note to speaker: use the most recent performance numbers>
Like G5|20 Series, the Portfolio Select Series program is overseen by the experts at CI Investment Consulting and draws on the asset allocation expertise of State Global Advisors.
U.S. Equity
- Multi-manager U.S. Equity Corporate Class
International Equity
- Multi-manager International Equity Corporate Class 16

17. Risk Management Overlay – systematic yet dynamic
Reduces volatility and lowers market exposure in downward trending markets.
Incorporates equity risk, interest rates, volatility and time horizon to create a systematic yet dynamic hedging overlay to protect clients from downside.
The strategy hedges the equity exposure.
Enhances probability of client having a residual fund value after 25 years.
Increases market exposure in upward trending markets.
The strategy is designed to manage risk from overall equity market movements. Therefore, it is most efficiently executed against market indices. The strategy has been developed to augment or enhance the traditional Mean Variance Optimization framework. Under this new approach, the portfolio’s sustainable income levels and the risks of it coming up short are assessed daily and hedging strategies are applied to ensure it meets a predefined income target without significantly altering the portfolio’s long-term risk profile. We believe the addition of the Risk Management strategy to our traditional Mean Variance Optimization is more effective in delivering retirement income portfolios. 17

18. The Guarantee – bringing security to your client’s retirement cash flows
Bank of Montreal provides a guarantee to protect the fund’s annual cash flows of 5% over 20 years.
Employs two fail-safes:
In a worst case scenario where adverse market conditions cannot be contained preemptively by asset mix changes and the Risk Management Overlay.
Assets will be moved into a Protection Portfolio designed to pay all guaranteed future cash flows from that moment forward.
If there is a shortfall in the Protection Portfolio, the bank will guarantee full payment of all remaining cash flows to investors.
You and your clients have an extra level of comfort and security, knowing that Bank of Montreal provides a guarantee to fully protect the fund’s annual cash flows of 5% over 20 years.
If there is a worst-case scenario where adverse market conditions could not have been contained preemptively by the dynamic risk management overlay and asset mix changes, and the fund suffers a large loss, assets will be moved into a Protection Portfolio, which will be composed of fixed-income securities and is designed to pay all guaranteed future cash flows from that moment forward.
If there is a shortfall in the Protection Portfolio, the bank will guarantee full payment of all remaining cash flows to investors. 18

19. What is CI T-Class?
Provides regular, predictable monthly distributions
Payments are 100% tax-free ROC
A choice of over 30 funds from income to equity, PS, PSS, (UFC Evolution)
Under the Corporate Class umbrella
Fully customizable to provide extended tax savings
No extra cost
CI T-Class provides regular monthly distributions which are not dependant on current interest rates. Distributions are made up of tax-free return of capital which translates into more money in client’s pockets. With a choice of over 30 funds ranging from Income to Equities, investors of all risk levels can find an investment to fit their portfolios.
CI’s T-Class are offered under the corporate class umbrella. This means that investors can change the funds within their portfolio at any time without causing a taxable disposition. Being part of the corporate class family also allows investors to accumulate assets over time in corporate class funds and then transition to the decumulation phase without having to change their asset mix or cause a disposition.
T-Class is fully customizable, which means a cash flow can be designed to fit specific needs, provide the exact distribution required and potentially extend the ROC payout period beyond 30 years.
All at no extra cost to clients.

20. Customized payout
Investors may choose a customized rate based on the underlying T-Class funds
A fixed percentage from 0.25% to 8% ($ CASH FLOW WILL VARY EVERY YEAR as NAV changes) Or
A fixed dollar amount up to the maximum ROC payout
Any ROC in excess of the requested amount is reinvested into the fund
CI’s T-Class provides the ability to fully customize a ROC payout. Investors can choose between an annual percentage amount or fixed dollar amount.
A fixed annual percentage can provide a ROC sustainability as the annual ROC distribution is always a factor of the previous year’s performance. In a declining market the annual ROC distributions will be paid out over a longer term since it will take longer to deplete the ACB.

21. Sales process Identify target markets
Select investment that fits your clients’ objectives and risk tolerance
Choose from two target distributions: 5% or 8%
Customize to fit your clients’ cash flow needs as required
Sales Process
Identify your clients who can benefit from the tax-efficiency of T-Class. These may be ones looking for cash flow.
Select investments that best fit your clients’ objectives and need for income.
Choose either a 5% or an 8% distribution level – or customize to fit client needs. 21

22. Target markets
Non-registered investors looking for a tax-efficient source of cash flow
Retirees seeking income, without triggering OAS clawback
Investors looking to lower their marginal tax rate by combining T-Class with a SWP
Pre-retirees in the accumulation stage
Target Markets
More than 1.2 million Canadians have maximized their RSPs. Nearly half of all Canadian families have assets in non-registered accounts, and there are billions sitting in bank deposits.
Non-registered tax deferral vehicles are under utilized by most Canadians and many investors are paying tax when they don’t have to.
T-Class helps lessen the tax burden. It is ideal for any investor looking to supplement the income from higher-taxed registered investments with T-Class’s non-registered cash flow for an overall lower tax rate.
Since it is not considered income for tax purposes, it can help retired investors lower their taxable income and avoid triggering the Old Age Security (OAS) clawback. OAS clawbacks begin to kick in around $65,000 in net income and once retirees hit this level they can also lose out on other social benefits, such as GIS.
For clients looking to lower their marginal tax rate by combining a custom T-Class payout with a traditional SWP.
Pre-retirees currently accumulating assets in CI Corporate Class 22

23. T- Class Availability in Evolution
T-Class Evolution Managed Portfolios
Assets are rebalanced based on the IP asset mix and Optimizer tax logic
T-Class Evolution Portfolio Select Series
PSS fund of funds linked to the IP group
Not rebalanced as part of asset mix

24. Assante Fee disclosed assets with CI
$9B or 12.7% of CI retail AUM is fee disclosed
AWM and Stonegate represent 63% of these assets

25. Fee Transparency Our Fee based Programs
Assante “F” class platform (can include PIM “O” Class and Evo “I” Class)
CI Private Investment Management “O” class – tiered pricing, mngmt and service fees charged to clients account with negotiable service fee including Segregated Funds - SunWise Essential Series 2 & G520
Evolution Private Managed Accounts “I” class – tiered pricing, mngmt and service fees charged to clients account with negotiable service fee.
Optima “W” class – mngmt and service fees charged to clients account with negotiable service fee.
United Private Client – tiered fee for service model with negotiable fees
CI Portfolio Select “W” class – Mngmt fee embedded, service fee negotiable.

26. CI Clients and Prospects of Assante Advisors Only
The Assante Advantage
Regional Wealth Planning Support and Wealth Planning Deliverables
I view these solutions as service offerings not just portfolio products.
This truly makes these solutions unique in the market place.
With Evolution specifically, clients with $250k or more per household get a very competitive fee structure as well as a Financial & Estate Plan included in that fee.
I am not aware of any other offering out there that provides this level of service with the support of Layers and Accountants all packaged together for a very competitive fee!
I do believe this is a competitive advantage.
CI Clients and Prospects of Assante Advisors Only

27. Thank you
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